Marie and Ethan form Roundtree Corporation with the transfer of the following: Marie performs personal services for the corporation with a fair market value of $80,000 in exchange for 400 shares of stock.
Ethan contributes an installment note receivable (basis $25,000; fair market value $30,000), land (basis $50,000; fair market value $170,000), and inventory (basis $100,000; fair market value $120,000) in exchange for 1,600 shares.
Determine Marie and Ethan's current income, gain or loss. Calculate the basis that each takes in the Roundtree stock.

Please see the expl;anation column

Explanation:

Current Income of  Marie =$80,000 due to  services done for the corporation

Basis of Marie =$80,000 basis in her 400 shares of stock

b)Current  income of  Ethan =$0, due to no service done for the corporation.

basis of Ethan =$175,000 basis in his 1,600 shares of stock.  This is accrued from

Note Receivable25,000

land                         50, 000

Inventory              100,000

Total basis of Ethan     $175,000

c) No gain or loss recognized  this is because according to Section 351

When there is a  transfer of property to corporation in exchange for stock and transferors take  control of the corporation then No gain or loss will be recognized.

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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